MICHIGAN DEPARTMENT OF TREASURY. Bureau of. Bond Finance.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "MICHIGAN DEPARTMENT OF TREASURY. Bureau of. Bond Finance. www.michigan.gov/bondfinance"

Transcription

1 MICHIGAN DEPARTMENT OF TREASURY Bureau of Bond Finance

2 MISSION STATEMENT The Bureau of Bond Finance will achieve and maintain access to the financial market at the lowest cost to the citizens of Michigan on behalf of: Municipalities Healthcare Providers Public, Private, and Charter Schools Higher Education Loans to College Students The State-at-large for environmental, recreational, and other specific-voter approved projects The State for cash flow financing for operating purposes

3 STATE FINANCE The State Finance Division, as part of the Bureau of Bond Finance, assists the State Treasurer in managing the State s Common Cash and Cash Flow Activity, the Issuance of State Bonds and Notes, compliance with federal tax laws, and SEC disclosure requirements. It performs fiscal agent and trust services for various bond issues and public finance programs, oversight of compliance of the Federal Cash Management Improvement Act (CMIA) requirements for drawing federal funds, and administers the State's School Bond Qualification and Loan Program. AUTHORITY FINANCE The Authority Finance Division, as part of the Bureau of Bond Finance, provides financial and administrative support services for the Michigan Finance Authority (MFA), which includes: Providing preliminary analysis and advice when borrowers are deciding among financing alternatives and credit enhancements. Confirming bond-pricing levels are appropriate. Expediting the financing process. Verifying that costs of issuance are appropriate. The ability to issue one series of bonds for multiple locations throughout the State of Michigan. Offering assistance in the determination of eligibility of borrower and the project. Working with underwriters, financial advisors, and bond counsel to complete bond transactions in a cost effective manner.

4 STATE CASH MANAGEMENT Staff assists the State Treasurer with the management of the Common Cash Fund. The Common Cash Fund pools the combined cash balance of State funds until paid out as provided by law, including the General and School Aid Funds, but not certain trust funds and funds covering the operations of State Authorities, colleges, and universities. Staff performs cash flow analysis and forecasting which enables the State Treasurer to make investment, payment, and borrowing decisions. STATE DEBT MANAGEMENT Staff assists the State Treasurer with administering the State s existing debt and recommends scheduling of new debt when authorized by the Legislature and the electorate. Also, assists State Authorities and other departments with debt issuance, including the payment of debt service, compiling information for rating agencies, and reporting information needed to comply with Federal tax laws pertaining to the issuance of tax-exempt debt. SCHOOL BOND QUALIFICATION AND LOAN PROGRAM The School Bond Qualification and Loan Program (SBQLP) was established by the Michigan Constitution of 1963 and amended by Public Act 92 of 2005 to provide a state credit enhancement and loan mechanism for school district bond issues. The bonds must be qualified by the State Treasurer and the bond proceeds must be used for capital expenditure purposes. Qualified bonds provide school districts with access to the State s credit rating, which will usually result in a lower interest rate and cost, and the ability to borrow for the principal and interest requirements of outstanding qualified bonds (subject to a minimum debt millage).

5 MICHIGAN FINANCE AUTHORITY MFA was established by the Executive Order , to further improve efficiency in state government by consolidating the following 10 public finance authorities: Municipal Bond Authority State Hospital Finance Authority Higher Education Facilities Authority Higher Education Assistance Authority Higher Education Student Loan Authority Public Educational Facilities Authority Tobacco Settlement Finance Authority Underground Storage Tank Financial Assurance Authority State Higher Education Facilities Commission Forest Finance Authority Also transferred to MFA: Authority of the Michigan Strategic Fund to finance the facilities of public and private schools Authority of the State Land Bank Fast Track Authority to issue bonds and notes MFA offers effective low-cost financing to public and private agencies providing essential services to the citizens of Michigan, including: Municipalities Healthcare Providers Public, Private, and Charter Schools Higher Education Loans to College Students

6 REVOLVING FUNDS School Loan Revolving Fund (SLRF) is a self-sustaining fund that makes loans to school districts to assist with making debt service payments on bonds issued through the School Bond Qualification and Loan Program. Loan repayment is deferred until the required debt millage yields enough to pay the district s debt service obligations. Money repaid by school districts is deposited back into the fund for debt service and for future loans. State Revolving Funds are jointly administered by MFA and the Michigan Department of Natural Resources and Environment (DNRE) which determines qualified projects and annual funding priority. Clean Water Revolving Fund (CWRF) provides low cost financing for municipal wastewater facilities. Drinking Water Revolving Fund (DWRF) provides low cost financing for drinking water projects. Strategic Water Quality Initiatives Fund (SWQIF) provides financing for the removal of ground water or storm water from sewer leads that cannot qualify for CWRF assistance. FACILITY AND EQUIPMENT FINANCE MFA provides essential service providers with effective, low -cost, facilities finance options to finance or refinance the acquisition, construction, improvement or alteration of land, facilities, equipment, machinery, parking, the payment of project costs, or to refinance existing debt. Participants include, but are not limited to: Private Colleges and Universities Public, Private, and Charter Schools Healthcare Providers Municipalities: Cities, Villages, Townships, Counties, Commissions and Authorities, and Special Purpose Units

7 POOLED LOANS MFA pooled loan programs provide a cost effective mechanism for individual borrowers to participate in a larger transaction to access the capital markets. Borrowers do not need a separate bond rating as the MFA obtains a rating for each pooled financing. Local Government Loan Program provides competitive interest rates for 3 to 30 year loans to public entities. Typically, tax-exempt bonds or installment purchase contracts are issued; although, taxable and private activity bonds have been issued. State Aid Note Programs are streamlined loan programs to finance short-term operational cash flow needs for public schools. MFA facilitates the process by pooling the loans, soliciting bids and obtaining the highest possible short-term rating, resulting in competitive interest rates and typically lower costs for the schools. State Aid Note loans are available for both traditional public schools and charter schools. Healthcare Equipment Loan Program (HELP) is a taxexempt financing plan offering healthcare providers a low -cost alternative to conventional methods of borrowing for a variety of capital-related purposes. OTHER FINANCE ACTIVITIES MFA performs finance activities, including issuing bonds and notes, as needed for: Tobacco Securitization Underground Storage Tank Cleanup Forest Finance Land Bank Fast Track Loans to College Students under federal programs and alternative loan programs Loan Guarantees to College Students under federal programs through the Michigan Guaranty Agency

8 BUREAU OF BOND FINANCE LOCATED IN: RICHARD H. AUSTIN BUILDING, 1ST FLOOR (FORMERLY TREASURY BUILDING) 430 WEST ALLEGAN LANSING, MI TEL: (517) FAX: (517)

MICHIGAN DEPARTMENT OF TREASURY BUREAU OF STATE AND AUTHORITY FINANCE SCHOOL BOND QUALIFICATION AND LOAN PROGRAM

MICHIGAN DEPARTMENT OF TREASURY BUREAU OF STATE AND AUTHORITY FINANCE SCHOOL BOND QUALIFICATION AND LOAN PROGRAM MICHIGAN DEPARTMENT OF TREASURY BUREAU OF STATE AND AUTHORITY FINANCE SCHOOL BOND QUALIFICATION AND LOAN PROGRAM 2014 Annual Report Table of Contents 1 Program Overview 3 Statewide Perspective 4 School

More information

STATE OF MICHIGAN. Bond Qualification Process Overview. School Bond Qualification and Loan Program Bureau of Bond Finance

STATE OF MICHIGAN. Bond Qualification Process Overview. School Bond Qualification and Loan Program Bureau of Bond Finance Michigan Department of Treasury 3160, (Rev. 4-06) STATE OF MICHIGAN Bond Qualification Process Overview School Bond Qualification and Loan Program Bureau of Bond Finance Michigan Department of Treasury

More information

www.michigan.gov/sblf Table of Contents

www.michigan.gov/sblf Table of Contents STATE OF MICHIGAN School Loan Revolving Fund Process School Bond Qualification and Loan Program Michigan Department of Treasury 430 West Allegan Street Lansing, Michigan 48922 Telephone: 517-335-0994 Fax:

More information

DEBT MANAGEMENT POLICY

DEBT MANAGEMENT POLICY DEBT MANAGEMENT POLICY This policy sets forth the principles that will govern the use of debt to finance University capital projects and assigns responsibilities for the management of University debt.

More information

General. Scope. Objectives. The objective of the Policy is to ensure prudent debt management practices that include:

General. Scope. Objectives. The objective of the Policy is to ensure prudent debt management practices that include: General This Policy (the Policy ) establishes conditions for the use of debt and creates procedures and policies designed to manage the Alamo Community College District s (the College District ) obligations

More information

Section I. Introduction

Section I. Introduction Section I. Introduction Purpose and Overview In its publication entitled Best Practice Debt Management Policy, the Government Finance Officers Association (GFOA) states that Debt management policies are

More information

WEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015

WEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015 1.0 Purpose The purpose of this Debt Management Policy ( Policy ) is to establish parameters and provide guidance as to the issuance, management, continuing evaluation of and reporting on all debt obligations.

More information

DEBT MANAGEMENT POLICY

DEBT MANAGEMENT POLICY Introduction New Hanover County recognizes that a formal debt policy is essential to effective financial management. Adherence to a debt management policy signals to rating agencies and the capital markets

More information

Debt Management Policy

Debt Management Policy Debt Management Policy Introduction One of the keys to sound financial management is the development of a debt policy. This need is recognized by bond rating agencies, and development of a debt policy

More information

ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 ORIGINATING DEPARTMENT:

ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 ORIGINATING DEPARTMENT: ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 SUBJECT: ORIGINATING DEPARTMENT: Debt Management Policy Office of Management & Budget Page 1 of 8 I. PURPOSE: The County recognizes the

More information

Michigan School Loan Revolving Fund General Instructions for Completing Annual Repayment Activity Application

Michigan School Loan Revolving Fund General Instructions for Completing Annual Repayment Activity Application Michigan School Loan Revolving Fund General Instructions for Completing Annual Repayment Activity Application It is a statutory requirement that the district submit a completed Annual Repayment Activity

More information

State Debt Management Presentation February 2013. Kristin A. Hanson, Assistant Commissioner, Treasury

State Debt Management Presentation February 2013. Kristin A. Hanson, Assistant Commissioner, Treasury State Debt Management Presentation February 2013 Kristin A. Hanson, Assistant Commissioner, Treasury What is a Bond? Municipal bonds are debt securities issued by states, cities, counties and other governmental

More information

quality of life. spending water and rebuild its project s costs cost of infrastructure for every

quality of life. spending water and rebuild its project s costs cost of infrastructure for every A Cost Effective Approach to Increasing Investment in Water Infrastructure: The Water Infrastructure Finance and Innovation Authority (WIFIA) Background. High-quality and quality of life in the United

More information

DEPARTMENT OF TREASURY STATE TREASURER SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN RULES

DEPARTMENT OF TREASURY STATE TREASURER SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN RULES DEPARTMENT OF TREASURY STATE TREASURER SCHOOL BOND QUALIFICATION, APPROVAL, AND LOAN RULES (By authority conferred on the state treasurer by section 11 of 2005 PA 92, MCL 388.1931, and section 33 of 1969

More information

Mecklenburg County, North Carolina Debt Policy

Mecklenburg County, North Carolina Debt Policy Mecklenburg County, North Carolina Debt Policy Introduction Mecklenburg County recognizes that one of the keys to sound financial management is a debt policy. These benefits are recognized by bond rating

More information

City of Philadelphia Debt Management Policy December 2009

City of Philadelphia Debt Management Policy December 2009 City of Philadelphia Debt Management Policy December 2009 I. INTRODUCTION While the issuance of debt is often an appropriate method of financing capital projects and major equipment acquisition, it needs

More information

Bond Refunding 101. Michigan School Business Officials April 28, 2016

Bond Refunding 101. Michigan School Business Officials April 28, 2016 Bond Refunding 101 Michigan School Business Officials April 28, 2016 Refunding of Debt What is a refunding? A refunding of debt involves the issuance of new debt at lower interest rates to replace debt

More information

SKAGIT COUNTY DEBT POLICY. Page 1 of 12

SKAGIT COUNTY DEBT POLICY. Page 1 of 12 SKAGIT COUNTY DEBT POLICY Page 1 of 12 SKAGIT COUNTY DEBT POLICY INDEX Page I. Roles and Responsibilities 3 II. Debt and Capital Planning 3-4 III. Credit Objectives 4-5 IV. Purpose, Type and Use of Debt

More information

DEBT MANAGEMENT POLICY

DEBT MANAGEMENT POLICY Page 1 of 5 DEBT LIMITS Credit Ratings The school district seeks to maintain the highest possible credit ratings for all categories of short- and long-term debt that can be achieved without compromising

More information

Foreword. First some very basic questions and answers which are fundamental to the process:

Foreword. First some very basic questions and answers which are fundamental to the process: Foreword Municipal Bonds 101 was written by the Treasurer s Office to demystify the bond sale process for interested observers. The format is an outline representing the major activities and elements associated

More information

School Bond Loan Servicing Process

School Bond Loan Servicing Process Michigan Department of Treasury School Bond Loan Servicing Process Presenter: Cathy Clark MSBO Annual Conference April 2015 School Bond Qualification and Loan Program Facts Approximately 423 school districts

More information

Florida Senate - 2016 SB 534

Florida Senate - 2016 SB 534 By Senator Hays 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 A bill to be entitled An act relating to water and wastewater; creating s. 159.8105, F.S.; requiring the Division

More information

Virginia State University Policies Manual. Title: Debt Management Guidelines and Procedures Policy: 1500

Virginia State University Policies Manual. Title: Debt Management Guidelines and Procedures Policy: 1500 Purpose a. To provide guidance to Virginia State University in undertaking long-term debt obligations benefiting the University. b. To provide a structured framework for the issuance of long-term debt

More information

Awareness of Your Disclosure Responsibilities

Awareness of Your Disclosure Responsibilities Bond I Topics for the State of Texas Debt Issuing Community ue October 1997 SAO No. 98-304 Revised March 2004 Texas bond issuance community has seen significant changes recently, including increased Securities

More information

Debt Policy. I. Purpose of the Debt Policy

Debt Policy. I. Purpose of the Debt Policy Debt Policy I. Purpose of the Debt Policy In support of its mission, (University) maintains a long term strategic plan. The strategic plan establishes University wide priorities as well as divisional programmatic

More information

Subject: RESOLUTION 14-04-21 OF THE TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT OF OREGON (TRIMET) AMENDING TRIMET S DEBT MANAGEMENT POLICY

Subject: RESOLUTION 14-04-21 OF THE TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT OF OREGON (TRIMET) AMENDING TRIMET S DEBT MANAGEMENT POLICY Date: April 23, 2014 To: From: Board of Directors Neil McFarlane Subject: RESOLUTION 14-04-21 OF THE TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT OF OREGON (TRIMET) AMENDING TRIMET S DEBT MANAGEMENT

More information

The Roles of. for School District Public Financing

The Roles of. for School District Public Financing The Roles of Finance Team Members for School District Public Financing presented by Adam Bauer, Principal i Fieldman, Rolapp & Associates (949) 660-7303 (949) 295-5735 abauer@fieldman.com FRA127653 Presenter:

More information

Issue Paper PAPERS EXAMINING CRITICAL ISSUES FACING THE MICHIGAN LEGISLATURE SCHOOL CAPITAL EXPENDITURE FINANCE IN MICHIGAN ISSUES AND ALTERNATIVES

Issue Paper PAPERS EXAMINING CRITICAL ISSUES FACING THE MICHIGAN LEGISLATURE SCHOOL CAPITAL EXPENDITURE FINANCE IN MICHIGAN ISSUES AND ALTERNATIVES Senate Fiscal Agency Issue Paper PAPERS EXAMINING CRITICAL ISSUES FACING THE MICHIGAN LEGISLATURE SCHOOL CAPITAL EXPENDITURE FINANCE IN MICHIGAN ISSUES AND ALTERNATIVES by Elizabeth Pratt, Fiscal Analyst

More information

GUIDELINES FOR FINANCINGS OF EDUCATIONAL AND CULTURAL INSTITUTIONS

GUIDELINES FOR FINANCINGS OF EDUCATIONAL AND CULTURAL INSTITUTIONS COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY GUIDELINES FOR FINANCINGS OF EDUCATIONAL AND CULTURAL INSTITUTIONS The following guidelines provide a general overview of the requirements of the

More information

Colorado Legislative Council Staff FISCAL IMPACT STATEMENT LIMITS ON STATE AND LOCAL GOVERNMENT BORROWING

Colorado Legislative Council Staff FISCAL IMPACT STATEMENT LIMITS ON STATE AND LOCAL GOVERNMENT BORROWING Colorado Legislative Council Staff FISCAL IMPACT STATEMENT Amendment 61 Date: Fiscal Analyst: Fiona Sigalla, 303-866-3556 BALLOT TITLE: LIMITS ON STATE AND LOCAL GOVERNMENT BORROWING Fiscal Impact Summary*

More information

CITY OF SEATTLE DEBT MANAGEMENT POLICIES

CITY OF SEATTLE DEBT MANAGEMENT POLICIES CITY OF SEATTLE DEBT MANAGEMENT POLICIES Introduction The following policies are enacted to maintain standard and rational practices for the issuance and management of debt by the City of Seattle. Their

More information

b. provide guidelines to control the overall debt management process so that all liabilities are managed in accordance with stated objectives;

b. provide guidelines to control the overall debt management process so that all liabilities are managed in accordance with stated objectives; Policy 6.085 Debt Management 1. Purpose The purpose of this Policy is to establish guidance for the issuance and management of the debt of the School District. Such debt includes short-term and long-term

More information

MODEL DEBT MANAGEMENT POLICY

MODEL DEBT MANAGEMENT POLICY MODEL DEBT MANAGEMENT POLICY Use this model policy as a template in writing a Governmental Entity s policy. This policy is not all-inclusive, but addresses the basic areas and provides guidance concerning

More information

Suggested Procedures for School Boards

Suggested Procedures for School Boards Suggested Procedures for School Boards The Chronology of a Project: Some of the steps described may not apply to certain types of projects, or might occur concurrently with others. As you confer with the

More information

CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK INVESTMENT POLICY

CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK INVESTMENT POLICY CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK INVESTMENT POLICY UPDATED INVESTMENT POLICY DATED February 24, 2015 Section California Infrastructure and Economic Development Bank Investment Policy

More information

Facility Financing Overview Financing Challenges for New Charter Schools Securing a facility, obtaining start-up funding, acquiring the expertise necessary to run a charter school and student enrollment

More information

Debt Management Policies & Guidelines

Debt Management Policies & Guidelines Debt Management Policies & Guidelines January, 2004 PREPARED BY: ANDREW E. MEISNER, COUNTY TREASURER PATRICK M. DOHANY, COUNTY TREASURER I. COUNTY'S DEBT POLICY A. Purpose The County recognizes the foundation

More information

Iowa Superintendent of Banking

Iowa Superintendent of Banking Introduction Pursuant to paragraph b, subsection 6, of Iowa Code Section 7C.13, the superintendent of banking is required to annually review the qualified student loan bond issuer s total assets, loan

More information

3354:1-20-07.1 Tax-Exempt Debt Compliance Procedure. Tax-Exempt Debt

3354:1-20-07.1 Tax-Exempt Debt Compliance Procedure. Tax-Exempt Debt 3354:1-20-07.1 Tax-Exempt Debt Compliance Procedure (A) Tax-Exempt Debt The use of tax-exempt debt plays an important role in funding a significant portion of the College s capital projects. As a result,

More information

Water Quality and Drinking Water Revolving Loan Fund Programs

Water Quality and Drinking Water Revolving Loan Fund Programs Water Quality and Drinking Water Revolving Loan Fund Programs TABLE OF CONTENTS I. Purpose II. III. IV. Overview SRF Loan Interest Rates, Terms and Fees Loan Process V. General SRF Program Information

More information

SURVEY OF ECONOMIC DEVELOPMENT PROGRAMS IN MICHIGAN

SURVEY OF ECONOMIC DEVELOPMENT PROGRAMS IN MICHIGAN Citizens Research Council of Michigan SURVEY OF ECONOMIC DEVELOPMENT PROGRAMS IN MICHIGAN 2ND EDITION June 2007 Repor ort 347 CITIZENS RESEARCH COUNCIL OF MICHIGAN MAIN OFFICE 38777 West Six Mile Road,

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements of Revenues,

More information

DEBT FINANCING POLICIES

DEBT FINANCING POLICIES DEBT FINANCING POLICIES 1801 Debt Financing Selection 1802 Determination of Debt Capacity 1803 Debt Management Operation 1804 Debt Management Capital Projects 1805 Bank Lines of Credit 1806 Bank Letters

More information

CITY OF MORENO VALLEY, CALIFORNIA COMMUNITY FACILITIES DISTRICT NO. 3

CITY OF MORENO VALLEY, CALIFORNIA COMMUNITY FACILITIES DISTRICT NO. 3 CITY OF MORENO VALLEY, CALIFORNIA COMMUNITY FACILITIES DISTRICT NO. 3 CONTINUING DISCLOSURE REPORT FOR FISCAL YEAR 2012/13 THESE BONDS HAVE BEEN FULLY REDEMED Report Date: March 2014 Prepared by: FINANCIAL

More information

Investment of public funds -- Limitations -- Written investment policy -- Duties of state local debt officer -- Investment pool.

Investment of public funds -- Limitations -- Written investment policy -- Duties of state local debt officer -- Investment pool. 66.480 Investment of public funds -- Limitations -- Written investment policy -- Duties of state local debt officer -- Investment pool. (1) The governing body of a city, county, urban-county, charter county,

More information

University of Washington. Debt Management Policy. Statement of Objectives and Policies. Approved by the Board of Regents, September 19, 2002

University of Washington. Debt Management Policy. Statement of Objectives and Policies. Approved by the Board of Regents, September 19, 2002 University of Washington Debt Management Policy Statement of Objectives and Policies Approved by the Board of Regents, September 19, 2002 Amended July 16, 2004 and May 15, 2008. Overview This statement

More information

Financial Advisor/Rate Consultant Roles and Responsibilities. ACEC Indiana Funding Sources Workshop August 21, 2014

Financial Advisor/Rate Consultant Roles and Responsibilities. ACEC Indiana Funding Sources Workshop August 21, 2014 Financial Advisor/Rate Consultant Roles and Responsibilities ACEC Indiana Funding Sources Workshop August 21, 2014 Collaborative Process Financial and capital improvement project planning along with rate

More information

University of Kentucky

University of Kentucky University of Kentucky Debt Policy Purpose To fulfill its mission, the University of Kentucky must make ongoing strategic capital investments in academic, student life, healthcare, and other plant facilities

More information

Investing and Protecting Public Funds

Investing and Protecting Public Funds Office of the New York State Comptroller Division of Local Government and School Accountability LOCAL GOVERNMENT MANAGEMENT GUIDE Investing and Protecting Public Funds Thomas P. DiNapoli State Comptroller

More information

Debt Policy Certification Program

Debt Policy Certification Program Washington Municipal Treasurers Association Debt Policy Certification Program Sample Debt Policy [ISSUER NAME] [EMBLEM OF ISSUER] DEBT POLICY (SAMPLE) ADOPTED [DATE] (DRAFT 7/28/2003) TABLE OF CONTENTS

More information

State of Arkansas Construction Assistance Revolving Loan Fund Program

State of Arkansas Construction Assistance Revolving Loan Fund Program Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 9 Statements

More information

State Cashflow Management

State Cashflow Management Informational Paper 77 State Cashflow Management Wisconsin Legislative Fiscal Bureau January, 2009 State Cashflow Management Prepared by Dave Loppnow Wisconsin Legislative Fiscal Bureau One East Main,

More information

Tax Exempt Bond Financing For Affordable Housing Projects

Tax Exempt Bond Financing For Affordable Housing Projects Tax Exempt Bond Financing For Affordable Housing Projects April 9, 2015 Sujyot S. Patel Partner Dinsmore & Shohl LLP (513) 639-9256 Sujyot.patel@dinsmore.com Lewis Diaz Partner Dinsmore & Shohl LLP (513)

More information

TOWNSHIP OF ROLLAND ISABELLA COUNTY, MICHIGAN AUDITED FINANCIAL STATEMENTS. Fiscal Year Ended March 31, 2010

TOWNSHIP OF ROLLAND ISABELLA COUNTY, MICHIGAN AUDITED FINANCIAL STATEMENTS. Fiscal Year Ended March 31, 2010 ISABELLA COUNTY, MICHIGAN AUDITED FINANCIAL STATEMENTS Fiscal Year Ended TABLE OF CONTENTS Independent Auditor s Report.. 1 FINANCIAL STATEMENTS Government Wide Statement of Net Assets. 2 Government Wide

More information

NEW CONSTRUCTION BP 7214. General Obligation Bonds. I-Facilities

NEW CONSTRUCTION BP 7214. General Obligation Bonds. I-Facilities NEW CONSTRUCTION General Obligation Bonds I-Facilities The Governing Board recognizes that school facilities are an essential component of the educational program and that the Board has a responsibility

More information

CHAPTER 102. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

CHAPTER 102. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: CHAPTER 102 AN ACT authorizing the financing of the cost of State capital construction projects, including stem cell research facilities, life sciences research facilities and biomedical research facilities,

More information

SENATE BILL No. 358. Introduced by Senator Ducheny. February 25, 2009

SENATE BILL No. 358. Introduced by Senator Ducheny. February 25, 2009 SENATE BILL No. Introduced by Senator Ducheny February, 00 An act to amend Section 00 of, and to add Article 0 (commencing with Section 0) to Chapter of Part of Division of Title of, the Corporations Code,

More information

BOND ANTICIPATION NOTES AUTHORIZATION AND REIMBURSEMENT RESOLUTION ALL DISTRICTS (3 VOTES)

BOND ANTICIPATION NOTES AUTHORIZATION AND REIMBURSEMENT RESOLUTION ALL DISTRICTS (3 VOTES) August 05, 2014 The Honorable Board of Supervisors County of Los Angeles 383 Kenneth Hahn Hall of Administration 500 West Temple Street Los Angeles, California 90012 Dear Supervisors: SUBJECT BOND ANTICIPATION

More information

City of Mt. Angel. Comprehensive Financial Management Policies

City of Mt. Angel. Comprehensive Financial Management Policies City of Mt. Angel Comprehensive Financial Management Policies May 2014 Table of Contents Section Description Page I. Purpose... 3 II. Objectives... 3 III. Management of Fiscal Policy... 4 IV. Accounting,

More information

SECTION 10: POLLUTION CONTROL BONDS OREGON DEQ AGENCY REQUEST BUDGET 2009-11

SECTION 10: POLLUTION CONTROL BONDS OREGON DEQ AGENCY REQUEST BUDGET 2009-11 SECTION 10: POLLUTION CONTROL BONDS OREGON DEQ AGENCY REQUEST BUDGET 2009-11 Pollution Control Bonds Program Narrative... 10-1 Estimated New CWSRF Loans... 10-3 Clean Water SRF Loans (#181)... 10-4 Detail

More information

ILLINOIS BUSINESS FINANCING MATRIX

ILLINOIS BUSINESS FINANCING MATRIX A Guide of Federal, State and Regional Loan Incentive and Grant s for Business and Economic TERM RATE FEES 7(a) Loan Guaranty The s primary loan program Business start ups or expansion; construction of

More information

Be it enacted by the People of the State of Illinois,

Be it enacted by the People of the State of Illinois, AN ACT concerning education. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The School Code is amended by changing Section 17-17 and by adding Sections

More information

CASTAIC LAKE WATER AGENCY DEBT MANAGEMENT POLICY (WHOLESALE WATER SYSTEM) (Board Approved; Revised January 2012)

CASTAIC LAKE WATER AGENCY DEBT MANAGEMENT POLICY (WHOLESALE WATER SYSTEM) (Board Approved; Revised January 2012) CASTAIC LAKE WATER AGENCY DEBT MANAGEMENT POLICY (WHOLESALE WATER SYSTEM) (Board Approved; Revised January 2012) INTRODUCTION The Agency s overriding goal in issuing debt is to respond to, and provide

More information

State of Arkansas Safe Drinking Water Revolving Loan Fund Program

State of Arkansas Safe Drinking Water Revolving Loan Fund Program Accountants Report and Financial Statements June 30, 2007 and 2006 June 30, 2007 and 2006 Contents Independent Accountants Report on Financial Statements and Supplementary Information... 1 Management s

More information

Indiana Bond Bank. Advance Funding Program HELP Program Interim Loan Program General Pool Program Not-For-Profit Water Fuel Budgeting Program

Indiana Bond Bank. Advance Funding Program HELP Program Interim Loan Program General Pool Program Not-For-Profit Water Fuel Budgeting Program INDIANA BOND BANK Indiana Bond Bank The Indiana Bond Bank is a quasi-governmental entity (a separate body, corporate and politic) established by the Indiana General Assembly in 1984 (I.C. 5-1.5). The Bond

More information

TEXAS TRANSPORTATION COMMISSION. Debt Management Policy

TEXAS TRANSPORTATION COMMISSION. Debt Management Policy TEXAS TRANSPORTATION COMMISSION Debt Management Policy August 28, 2014 TABLE OF CONTENTS 1. Policy Objectives and Philosophy... 1 2. Scope and Authority... 1 3. Currently Authorized Financing Programs...

More information

Debt Management. Department Description

Debt Management. Department Description Department Description Debt Management conducts planning, structuring, and issuance activities for short-term and long-term financing to meet the City's cash flow needs and to provide funds for capital

More information

LONG ISLAND POWER AUTHORITY UTILITY DEBT SECURITIZATION AUTHORITY Debt Management Policy (as amended on March 26, 2015)

LONG ISLAND POWER AUTHORITY UTILITY DEBT SECURITIZATION AUTHORITY Debt Management Policy (as amended on March 26, 2015) LONG ISLAND POWER AUTHORITY UTILITY DEBT SECURITIZATION AUTHORITY Debt Management Policy (as amended on March 26, 2015) I. Purpose of Debt Management Policy The debt management policy sets forth the parameters

More information

Community Unit School District 220 4:40 Page 1 of 5

Community Unit School District 220 4:40 Page 1 of 5 Page 1 of 5 DEBT MANAGEMENT The policies set forth in this Debt Management Policy (the Policy ) have been developed to provide guidelines relative to the issuance, sale, statutory compliance, and investment

More information

Contributed by the Municipal Finance Authority of British Columbia

Contributed by the Municipal Finance Authority of British Columbia Capital Financing Contributed by the Municipal Finance Authority of British Columbia Responsibility The Municipal Finance Authority of British Columbia (MFA) was established in 1970 by the Municipal Finance

More information

WATER REVENUE BONDS PROGRAM LOAN APPLICATION

WATER REVENUE BONDS PROGRAM LOAN APPLICATION COLORADO WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY WATER REVENUE BONDS PROGRAM LOAN APPLICATION A. Applicant (Governmental Entity) I. GENERAL INFORMATION Name Phone # Address Fax # B. Designated

More information

Debt Service and Leasing SASBO. The Power of Connections Kingsport, Tennessee April 7-10, 2014

Debt Service and Leasing SASBO. The Power of Connections Kingsport, Tennessee April 7-10, 2014 Debt Service and Leasing SASBO The Power of Connections Kingsport, Tennessee April 7-10, 2014 Issuance of Eight Percent Debt Debt is limited to 8% of the total School District s Assessed Value. Short-Term

More information

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION

UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES ACT OF 1933 Release No. 8852 / September 28, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12850 In the Matter of Anchor National

More information

ARTICLE I General. These Procedures are being adopted by the School District board of education as debt issuance disclosure best practices.

ARTICLE I General. These Procedures are being adopted by the School District board of education as debt issuance disclosure best practices. Municipal Finance Disclosure and Continuing Disclosure Policies and Procedures ARTICLE I General Section 1.1. Purpose The purpose of the Chenango Valley Central School District Municipal Finance Disclosure

More information

LONG TERM OBLIGATION (LTO) FINANCING POLICY A Strategy for the Acquisition or Replacement of City Assets

LONG TERM OBLIGATION (LTO) FINANCING POLICY A Strategy for the Acquisition or Replacement of City Assets PURPOSE CITY OF LINDSBORG LONG TERM OBLIGATION (LTO) FINANCING POLICY A Strategy for the Acquisition or Replacement of City Assets The Long-Term Obligation Financing (LTO) Policy Statement sets forth comprehensive

More information

MICHIGAN AUDIT REPORT OFFICE OF THE AUDITOR GENERAL THOMAS H. MCTAVISH, C.P.A. AUDITOR GENERAL

MICHIGAN AUDIT REPORT OFFICE OF THE AUDITOR GENERAL THOMAS H. MCTAVISH, C.P.A. AUDITOR GENERAL MICHIGAN OFFICE OF THE AUDITOR GENERAL AUDIT REPORT THOMAS H. MCTAVISH, C.P.A. AUDITOR GENERAL The auditor general shall conduct post audits of financial transactions and accounts of the state and of all

More information

State Bond Commission was created by Article VII, Section 8 of the Louisiana Constitution of 1974

State Bond Commission was created by Article VII, Section 8 of the Louisiana Constitution of 1974 NAVIGATING THE LOUISIANA STATE BOND COMMISSION Louisiana District Attorney Association Fall Conference November 21, 2013 Creation and Purpose State Bond Commission was created by Article VII, Section 8

More information

The FFCFC 504 Loan Program: A Unique Alternative for Small Business Fixed Asset Financing

The FFCFC 504 Loan Program: A Unique Alternative for Small Business Fixed Asset Financing Commercial Lenders The FFCFC 504 Loan Program: A Unique Alternative for Small Business Fixed Asset Financing The FFCFC 504 Loan Program is designed to help small business owners expand through the purchase

More information

Incurring of Indebtedness

Incurring of Indebtedness Incurring of Indebtedness Goals for this Session Basic Understanding of: The decision to borrow Financing options Overview of the State Bond Commission The Decision to Borrow Develop a long range plan

More information

Nashua Pre-filed Testimony Of Steven A. Adams First Southwest Company. 1. What is your name and by whom are you employed?

Nashua Pre-filed Testimony Of Steven A. Adams First Southwest Company. 1. What is your name and by whom are you employed? Nashua Pre-filed Testimony Of Steven A. Adams First Southwest Company 1. What is your name and by whom are you employed? My name is Steven Adams. I am a Senior Vice President for First Southwest Company,

More information

West Virginia Housing Development Fund. Debt Management Policy

West Virginia Housing Development Fund. Debt Management Policy West Virginia Housing Development Fund Debt Management Policy Approved March 21, 2013 Table of Contents Debt Management Policy... 1 Variable Rate Debt and Interest Rate Swap Management Plan... 5 Variable

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Understanding Municipal Debt

Understanding Municipal Debt Understanding Municipal Debt The decision to borrow money can be intimidating. To make matters more uncertain, the mechanics of issuing debt may be the least understood financial process among citizens,

More information

SAN JOSE FINANCE DEPARTMENT PRACTICES COST TAXPAYERS MONEY

SAN JOSE FINANCE DEPARTMENT PRACTICES COST TAXPAYERS MONEY 2007-2008 SANTA CLARA COUNTY CIVIL GRAND JURY REPORT SAN JOSE FINANCE DEPARTMENT PRACTICES COST TAXPAYERS MONEY Introduction The 2007-2008 Santa Clara County Civil Grand Jury (Grand Jury) reviewed an audit

More information

Contra Costa County, California Debt Management Policy

Contra Costa County, California Debt Management Policy Contra Costa County, California Debt Management Policy County Administration 651 Pine Street, 10 th Floor Martinez, California 94553 925-335-1023 lisa.driscoll@cao.cccounty.us Resolution No. 2015/245 Resolution

More information

POLICY. Effective Date: Approval Level: Policy #: Revision #:

POLICY. Effective Date: Approval Level: Policy #: Revision #: Department: Corporate Services Effective Date: 203-0-0 Division: Financial Services Approval Level: Council Section/Facility: Capital Financing and Debt.0 PURPOSE. This Policy establishes:. The goals that

More information

Financial Statement Guide. A Guide to Local Government Financial Statements

Financial Statement Guide. A Guide to Local Government Financial Statements Financial Statement Guide A Guide to Local Government Financial Statements January, 2012 Ministry of Community, Sport and 1 Financial Statement Guide Table of Contents Introduction Legislative Requirements

More information

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY LOAN AND LOAN GUARANTY FUNDS REPORT ON AUDIT FOR THE YEAR ENDED JUNE 30, 2008

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY LOAN AND LOAN GUARANTY FUNDS REPORT ON AUDIT FOR THE YEAR ENDED JUNE 30, 2008 VIRGINIA SMALL BUSINESS FINANCING AUTHORITY LOAN AND LOAN GUARANTY FUNDS REPORT ON AUDIT FOR THE YEAR ENDED JUNE 30, 2008 AUDIT SUMMARY Our audit of the Virginia Small Business Financing Authority (the

More information

CHAPTER 2014-254. Committee Substitute for Committee Substitute for House Bill No. 1445

CHAPTER 2014-254. Committee Substitute for Committee Substitute for House Bill No. 1445 CHAPTER 2014-254 Committee Substitute for Committee Substitute for House Bill No. 1445 An act relating to the Citrus County Hospital Board, Citrus County; amending chapter 2011-256, Laws of Florida; authorizing

More information

DISTRICT OF NORTH VANCOUVER GUIDE TO FINANCIAL STATEMENTS

DISTRICT OF NORTH VANCOUVER GUIDE TO FINANCIAL STATEMENTS DISTRICT OF NORTH VANCOUVER GUIDE TO FINANCIAL STATEMENTS DISTRICT OF NORTH VANCOUVER Our goal at North Vancouver District is to make information sharing and reporting convenient, accessible and relevant

More information

Proposed 2015 2019 Five Year Financial Plan

Proposed 2015 2019 Five Year Financial Plan Proposed 2015 2019 Five Year Financial Plan Received by Committee of the Whole on March 2, 2015 Table of Contents Executive Summary -----------------------------------------------------------------------------

More information

DEBT MANAGEMENT AND OVERSIGHT

DEBT MANAGEMENT AND OVERSIGHT DEBT MANAGEMENT AND OVERSIGHT Office of General Treasurer Seth Magaziner December 1, 2015 1 A HISTORY OF POOR DEBT MANAGEMENT 38 Studios Lack of due diligence leaves state responsible for $112 million

More information

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined.

Revolving Debt & Other Agency Guideline Revisions Note: SunTrust specific overlays are underlined. Assets Section 2.04 DU Refi Plus Loan Program DU Refi Plus STM to STM Transactions Asset Documentation Requirements Assets must be documented in accordance with DU Refi Plus eligible DU Findings report.

More information

County of Los Angeles School District General Obligation Bonds White Paper

County of Los Angeles School District General Obligation Bonds White Paper County of Los Angeles School District General Obligation Bonds White Paper California s Coalition for Adequate School Housing s Fall Conference Tuesday, October 18, 2011 Presented by: Donald Field, Esq.

More information

NAVIGATING TODAY S CREDIT JUNGLE ALTERNATIVES

NAVIGATING TODAY S CREDIT JUNGLE ALTERNATIVES NAVIGATING TODAY S CREDIT JUNGLE AN OVERVIEW OF SBA FINANCING ALTERNATIVES November, 2011 Timothy D. Dixon Head of Small Business Administration (W) 216-514-5431 timothy.dixon@citizensbanking.com 1 Discussion

More information

New Rules for the Dodd-Frank Act. Presented by: Kari Blanchett and Brenda Voutyras April 30, 2015

New Rules for the Dodd-Frank Act. Presented by: Kari Blanchett and Brenda Voutyras April 30, 2015 New Rules for the Dodd-Frank Act Presented by: Kari Blanchett and Brenda Voutyras April 30, 2015 Role of the Municipal Advisor Fiduciary Duty Reducing Borrowing & Issuance Costs PFM s PRICING Better Financing

More information

Developing a Debt Management Policy

Developing a Debt Management Policy California Debt and Investments Advisory Commission The Mechanics of a Bond Sale Developing a Debt Management Policy David Persselin, City of San José Jo Mortensen, Public Resources Advisory Group March

More information

MADISON COUNTY PARK AND RECREATION GRANTS COMMISSION CAPITAL IMPROVEMENTS LOW INTEREST LOAN PROGRAM APPLICATION GUIDE

MADISON COUNTY PARK AND RECREATION GRANTS COMMISSION CAPITAL IMPROVEMENTS LOW INTEREST LOAN PROGRAM APPLICATION GUIDE MADISON COUNTY PARK AND RECREATION GRANTS COMMISSION CAPITAL IMPROVEMENTS LOW INTEREST LOAN PROGRAM APPLICATION GUIDE Summary: Madison County has designated Madison County Community Development to administer

More information

Chapter Eighteen. Governmental Entities: Other Governmental Funds and Account Groups OTHER GOVERNMENTAL FUNDS. Scope of Chapter

Chapter Eighteen. Governmental Entities: Other Governmental Funds and Account Groups OTHER GOVERNMENTAL FUNDS. Scope of Chapter Chapter Eighteen Governmental Entities: Other Governmental Funds and Account Groups Scope of Chapter This chapter presents a discussion and illustration of accounting and reporting for a governmental entity

More information

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

THE PEOPLE OF THE STATE OF MICHIGAN ENACT: State financing and management; authorities; Michigan financial review commission; expand to include certain school districts. State financing and management: authorities; Retirement: pension oversight;

More information